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Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya, has assured Zimbabweans that there is nothing to worry about, despite the value of the Zimbabwean dollar declining once more.
Both the official rate and the street rate have been comparatively stable in August but this week, the local unit fell to ZWL$4 712.16: US$1 from ZWL$4 604.62: US$1 three weeks ago.
<a href="https://businesstimes.co.zw/zim-dollar-implodes-again/">Business Times</a> quoted Mangudya as saying the central bank is in control of the situation. He said:
<blockquote>
There’s nothing to worry about as the exchange rate remains relatively stable. I think Zimbabweans need prayers as they start panicking with something that is within reach. We have tools to ensure there is no excess liquidity in the market.
The central bank remains confident that the continued sale of gold coins and gold-backed digital tokens will sustainably take away steam from the store-of-value demand for local currency during the short to medium term, with positive spinoffs on the substance of obtaining price and exchange rate stability.
Furthermore, the central bank’s strategic resolve for continued monetary prudence will add further impetus to the positive prospects of the local currency over the medium term.
In addition, the ongoing monitoring and surveillance by the Financial Intelligence Unit will effectively minimise incidences of exchange rate manipulation and abnormal pricing practices.
</blockquote>
Meanwhile, Finance and Investment Promotion Minister Mthuli Ncube said that it is baffling that a foreign currency parallel market still exists in Zimbabwe.
Ncube said the parallel market “shouldn’t even exist” as “every piece of policy that is necessary for a stable currency has been put in place”.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Zimbabwe Dollar Falling Once More, Mangudya Says Nothing To Worry About

The Zimbabwe Dollar depreciated against the United States Dollar on the Reserve Bank of Zimbabwe wholesale foreign currency auction on Tuesday, 29 August.
After today’s wholesale auction, the Zimbabwe dollar averaged $4 604.62 against the US dollar.
On 21 August, the average interbank rate was $4 571.29, while on 18 August, it was $4 573.77.
Today, 18 bids were received, and all 18 bids were accepted and received allotments.
The total value of bids accepted was US$19,610,040.40 and a similar amount was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4,650.0000 while the lowest bid rate was ZWL$4,570.0000.
The Retail Auction was allotted US$545 877.82, with the bulk of the allotment, US$220 379.23, going to services (loans, education, dividends, disinvestments, etc.).
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F4sdi50XsAAYNbe?format=jpg&amp;name=4096x4096"/>
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Zimbabwe Dollar Official Rate Moves To $4 604 Per US Dollar

President Emmerson Mnangagwa has hinted the Reserve Bank of Zimbabwe (RBZ) – controlled foreign exchange auction floor system could be done away with, saying it has served its purpose.
Mnangagwa told Brick by Brick magazine that the forex auction system was adopted to deal with a particular challenge that he said has almost been resolved. He said, as quoted by <a href="https://businesstimes.co.zw/govt-to-abandon-forex-auction-system/">Business Times</a>:
<blockquote>
As we go forward, we should reach a stage where we may not need it (Dutch forex auction system) because it’s not necessary.
It has been put there to deal with a particular challenge and I think that challenge is going away. We may reach a stage very soon where we may not need it.
</blockquote>
This comes after industry put pressure on the central bank governor, John Mangudya, to consider scrapping the “inefficient” foreign currency auction system or overhauling it.
Companies have been struggling to access foreign currency allotted to them through the foreign currency auction system, and going for several months before getting the allotted funds.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mnangagwa Hints At Scrapping RBZ's Forex Auction System

The local unit today gained $32.0677 against the United States dollar to average $4 505.4232 at the Reserve Bank of Zimbabwe wholesale foreign currency auction.
This Tuesday, 25 July 2023, 16 bids were received, and all 16 bids were accepted. However, only 6 bids were allotted.
The total value of bids accepted was US$14,471.600.00 and US$7,900,600.00 was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4,580.0000 while the lowest bid rate was ZWL$4,480.0000.
Below are the rates from the last six auctions:
<ul>
<li>25 July: $4 505.4232</li>
<li>20 July: $4 537.4909</li>
<li>18 July: $4,771.3854</li>
<li>14 July: $4883.8208</li>
<li>11 July: $4 998.8352</li>
<li>06 July: $5 251.0640</li>
</ul>
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Zimbabwe Dollar Official Rate Now $4 505 Per US$1

The Zimbabwe dollar continued firming against the United States Dollar following the latest Reserve Bank of Zimbabwe wholesale foreign currency auction held on Thursday, 20 July.
The Zim dollar is now trading at ZWL$4 537.4909 from ZWL$4 771.3854 per US$1.
This Thursday, 13 bids were received, and all 13 bids were accepted. However, 11 bids were allotted.
The total value of bids accepted was US$6,383,500.00 and US$5,705,700 was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4.711.7431 while the lowest bid rate was ZWL$4,537.4909.
Below are the rates from the last five auctions:
<ul>
<li>20 July: $4 537.4909</li>
<li>18 July: $4,771.3854</li>
<li>14 July: $4883.8208</li>
<li>11 July: $4 998.8352</li>
<li>06 July: $5 251.0640</li>
</ul>
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Zimbabwe Dollar Official Rate Now $4 537 Per US$1

The Zimbabwe dollar has firmed again on the Wholesale Foreign Exchange Auction conducted on Friday, 14 July to ZWL$4883.8208 per US$1.
On Tuesday, 11 July, the weighted average was ZWL$4 998.8352, which was itself a significant recovery from the ZWL$5 251.0640 on 06 July 2023.
Today, 10 bids were received from banks, and all 10 bids were accepted but only 8 bids were allotted.
The RBZ said that the total value of bids accepted was US$5,295,000.00, while US$4,845,000.00 was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate received was ZWL$5,037.3700 while the lowest bid rate received was ZWL$4,700.0000.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F1AC0pNXoAI6h8A?format=jpg&amp;name=900x900"/>
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Zimbabwe Dollar Official Rate Now ZWL$4 883 Per US$1

Some businesses are reportedly still using exchange rates of between ZWL$8 000 and ZWL$11 000 per US$1 in anticipation that the strengthening of the local currency will not last longer.
They argue that selling at the new exchange rates will see them record huge exchange rate losses given they stocked when rates were too higher.
Over the past few weeks, both the official exchange rate and street rates have been coming down after the Government introduced the wholesale foreign currency exchange auction system.
The system allows banks to access foreign exchange at market-determined exchange rates for onward transmission to their customers.
As a result, the official exchange rate has firmed to ZWL$4 999, from a peak weakness of ZWL$6 926 per US$1.
However, market players have little confidence that the current stability will last for longer and anticipate that the rate will soon run again due to increased salaries for civil servants and payment of suppliers.
Secretary for Finance and Economic Development, George Guvamatanga, on Thursday, told <a href="https://www.businessweekly.co.zw/business-to-suffer-heavy-losses-on-exchange-rate-movement/">Business Weekly</a> that the Government is still meeting its obligations and “paying contractors and suppliers”.
He dismissed claims that there is a liquidity crunch in the market as the local currency is readily available at banks, RBZ, and from Government.
Guvamatanga asserted that most companies are struggling to price their products because they have never experienced a firming currency. He said:
<blockquote>
There are lots of Zimbabwe dollars because as Government, we are still paying our contractors, and we are still paying our suppliers, it’s only that they are looking at the wrong place (for the Zim dollar)…
Most executives, finance directors and those in treasury departments, have no experience of a strengthening currency and do not know what to do.
They are used to one-way forward pricing and this is reflected in the market right now.
Well-trained officers would have reached their stop-loss positions.
</blockquote>
Guvamatanga also denied reports that only the Government was officially selling foreign currency at the official exchange rates. He said:
<blockquote>
The market sold to their banks more than U$110 million while Government has sold US$67 million.
Voluntary liquidations are almost 100 percent of what we have supplied. So the market is already clearing on its own.
All this money has been traded around the official exchange rate. It shows the new auction has the support of exporters because this is the first time we have seen this level of liquidation.
</blockquote>
At the Wholesale Foreign Exchange Auction conducted on Tuesday, 11 July, US$5 640 000.00 was allotted from a total of US$20 000 000.00 that was on offer.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Business Set To Suffer Heavy Losses As Zimbabwe Dollar Recovers

Parents and guardians paying for this term’s Zimbabwe School Examinations Council (ZIMSEC) Grade 6 and 7 examinations will use an exchange rate of US$1: $5 260.
In a statement, ZIMSEC finance director Zipora Muzenda said parents and guardians paying for the Grade 6 and 7 examinations will use an exchange rate of US$1: $5 260 for the period beginning July 7 to July 14. <a href="https://www.chronicle.co.zw/zimsec-sets-exchange-rate-for-mid-year-examinations/">She said</a>:
<blockquote>
The exchange rate to be applied for ZWL payments will be ZWL 5260.00 to 1 USD. Payments must be made to the ZWL accounts which ZIMSEC communicated to Centres.
United States Dollar and Rand payments will be accepted via direct deposits through Centres into the accounts which ZIMSEC communicated to Centres.
ZIMSEC continues to accept examination fees in the currency paid by the parent/guardian to centres as communicated earlier.
Centres must, therefore, transmit examination fees in the currency in which parents/guardians pay the fees.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

ZIMSEC Sets Exchange Rate For Grade 6 & 7 Examinations

The Government has accused several pharmacies and other traders of engaging in “forward pricing” and speculation in violation of exchange control directives as well as standing government policy guidelines with respect to pricing and the use of the Zimbabwe dollar.
In a statement released on Tuesday, 11 July, the Ministry of Finance and Economic Development, said the Financial Intelligence Unit (FIU) is conducting investigations to identify the culprits.
It said (FIU) has established that some pharmacies are using parallel market exchange rates ranging from between ZWL$8 500.00 to ZWL$11 000.00 against the USD, in complete violation of Government Policy and the country’s anti-money laundering regulations.
The Ministry said measures have since been instituted against the culprits that will result in the suspension and/or cancellation of the trading licenses of the pharmacies. The pharmacies are:
<figure class="wp-block-table alignwide is-style-stripes">
<table style="width: 94.09%;">
<tbody>
<tr>
<td style="width: 31.3609%;">Name of Company</td>
<td style="width: 14.9901%;">Location</td>
<td style="width: 90.7298%;">Observed Violation</td>
</tr>
<tr>
<td style="width: 31.3609%;">Blessed Pharmacy</td>
<td style="width: 14.9901%;">Chegutu</td>
<td style="width: 90.7298%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 31.3609%;">Global Pharmacy</td>
<td style="width: 14.9901%;">Kadoma</td>
<td style="width: 90.7298%;">Using exchange rate ZWL 000.00</td>
</tr>
<tr>
<td style="width: 31.3609%;">Leecare Pharmacy</td>
<td style="width: 14.9901%;">Kadoma</td>
<td style="width: 90.7298%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 31.3609%;">Pineal Pharmacy</td>
<td style="width: 14.9901%;">Kadoma</td>
<td style="width: 90.7298%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 31.3609%;">Greenwood Pharmacy</td>
<td style="width: 14.9901%;">Kwekwe</td>
<td style="width: 90.7298%;">Accepting USD only</td>
</tr>
</tbody>
</table><figcaption class="wp-element-caption"></figcaption></figure>
<figure class="wp-block-table alignwide is-style-stripes">
<table style="width: 94.3202%;">
<tbody>
<tr>
<td style="width: 36.9403%;">Name of compamy</td>
<td style="width: 12.3134%;">Location</td>
<td style="width: 80.2239%;">Observed Violation</td>
</tr>
<tr>
<td style="width: 36.9403%;">Apex Pharmacist Pharmacy</td>
<td style="width: 12.3134%;">Gweru</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 9 500.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Siegmed Pharmacy</td>
<td style="width: 12.3134%;">Gweru</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Booties Pharmacy</td>
<td style="width: 12.3134%;">Gweru</td>
<td style="width: 80.2239%;">Accepting USD only</td>
</tr>
<tr>
<td style="width: 36.9403%;">Mediplus Pharmacy</td>
<td style="width: 12.3134%;">Rusape</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Greenview Pharmacy</td>
<td style="width: 12.3134%;">Rusape</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 11 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Kaizen Pharmacy</td>
<td style="width: 12.3134%;">Rusape</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Necta Care Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 8 500.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Lancaster Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 9 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Murapi Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 9 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Grey Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Central Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 11 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Manica Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10 000.00</td>
</tr>
</tbody>
</table>
</figure>
The Ministry added that the Government remains committed to the broad use of local currency for domestic transactions and stern measures will be taken against service providers who continue to violate provisions.
It urged the transacting public to resist all forms of unfair pricing by retailers and to immediately report violations to the Financial Intelligence Unit.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F0w1R-8aQAISxjN?format=jpg&amp;name=4096x4096"/><img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F0w1SUhaEAEETD0?format=jpg&amp;name=4096x4096"/>
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Pharmacies Charging Above Official Exchange Rate Set To Lose Licences

The Zimbabwe dollar on Tuesday, 11 July further strengthened against the US dollar on the Reserve Bank of Zimbabwe forex auction.
According to the Wholesale Foreign Exchange Auction Results today, the weighted average was ZWL$4 998.8352.
This is a significant recovery from last week as the weighted average was ZWL$5 251.0640 at the Wholesale Foreign Exchange Auction Results of 06 June 2023.
Today, 10 bids were received from banks, and all 10 bids were accepted but only 8 bids were allotted.
The RBZ said that the total value of bids accepted was US$5 830 000.00, while US$5 640 000.00 was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$5 353.7221 while the lowest bid rate was ZWL$4 900.0000.
Meanwhile, the RBZ awarded US$460,130.60 to the retail auction.
The central bank also said all bids for the retail auction within the pre-announced amount were allotted in full.
It added that all bids for the retail auction with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F0wXSlDXoAI5Y1P?format=jpg&amp;name=4096x4096"/>

Zimbabwe Dollar Official Rate Now $4 998 To The US Dollar

The Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu has urged businesses to reduce prices in Zimbabwe dollars after the local unit recovered against the US dollar last week.
The Zim dollar on Thursday firmed by more than $1 000 against the United States dollar on the Reserve Bank of Zimbabwe (RBZ)’s Wholesale Foreign Exchange Auction following another gain on Tuesday.
On Tuesday, the local currency firmed against the US dollar to ZWL$6 326, from ZWL$6 926 on 20 June.
Speaking in an interview with <a href="https://www.sundaynews.co.zw/prices-stabilise-as-government-interventions-take-effect/">State media</a>, Mutashu said shops should start pricing responsibly following the stability in the exchange rate and improved power supply. He said:
<blockquote>
The expectation is to begin to see prices falling in line with key economic indicators like stability in exchange rates, improved power supply and other Government measures.
We have seen price stability in most retail shops but we want to see more. We want to see them reducing prices relative to economic developments. They should start pricing responsibly.
</blockquote>
National University and Science and Technology (NUST) lecturer Stevenson Dlamini said although businesses haven’t reduced prices, the rate at which prices were going up had slowed down lately.
He added that recent fiscal and monetary measures were starting to bear fruit. Said Dlamini:
<blockquote>
The floating of the exchange rate on the wholesale market has destabilised the parallel market and shown the formal market that the Government is now more committed to the price discovery mechanism of the local currency.
This has been further buttressed by the recent fiscal policy measure that requires the payment of corporate tax in local currency.
This is forcing even firms that were beginning to reject the local currency to start demanding it at the official market exchange rate and thus pushing up the demand and value of the local currency.
</blockquote>
Among the measures introduced by authorities include the RBZ’s sale of foreign currency to banks at market-determined rates for on-selling to bank customers.
The central bank has introduced gold coins and gold-backed tokens which have mopped over ZWL$60 billion.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Shops Urged To Reduce Prices As Exchange Rates Stabilise

The Zimbabwe dollar significantly recovered for the second time in a week, trading at ZWL$5 739 to the USD at the Reserve Bank of Zimbabwe (RBZ) Wholesale Foreign Exchange Auction on Thursday, 29 June.
On Tuesday, the local currency firmed against the United States Dollar to ZWL$6 326, from ZWL$6 926 on 20 June.
On Thursday, the RBZ said eight (8) bids were submitted by banks and all the bids were accepted but only four (4) were allotted cash.
According to the RBZ, US$20 million was on offer and just under US$3 million was allotted.
Commenting on the development, journalist Hopewell Chin’ono said the Government has taken out local currency liquidity so that there are few Zimbabwe dollars to buy the US Dollar. He added:
<blockquote>
This is an electioneering ploy that will backfire spectacularly.
The regime won’t let the local currency float freely because it will expose the lack of the required economic fundamentals!
</blockquote>
Chin’ono said as of Friday, 30 June, the street rate was around ZWL$8 700. On Tuesday, Chin’ono said:
<blockquote>
It is like denying food to a person with diarrhea, and then celebrating when they go to the toilet less than they did before.
You haven’t treated or cured the problem, you have simply denied the patient food, therefore there is nothing to excrete.
So what happened to the Zimbabwean dollar to firm up today? Many people are asking how this is possible.
Firstly, the central bank @ReserveBankZIM has taken out the Zimbabwean dollar liquidity in the marketplace. 
Hakuna RTGS muma streets.
Therefore the market is short of the Zim Dollar to buy the auction US dollars. 
So the movement of the rate is artificial and manipulated!
Shortage of the local currency does not mean that importers and their business enterprises have stopped working.
It just means that they are preferring to use their UD dollars to import goods.
The exchange rate is determined by the auction floor rate.
According to the central bank, auction forex only serves 13% of the total import bill of Zimbabwe. 
87% is sourced elsewhere.
Can the central bank sustain its liquidity crunch? No, it can’t and it won’t!
WHY? Because Government contractors haven’t been paid including parastatal contractors like ZUPCO who rely on government payments.
If contractors are paid, they will flood the Black Market looking for US Dollars and the local currency will crash again.
That is why I said in my opening remarks that the patient has not been cured, they simply starved the patient and are celebrating that artificial response.
Civil servant salaries were last adjusted when the rate was at Z$1,500 against the US Dollar.
But most crucially, big exporters are not getting their export surrender Zim Dollar payments too.
The government has decided to roll over these payments creating a Zim Dollar backlog.
A time will come when all these Zim Dollar payments will flood the market, that time the local currency will crash again.
Do not be fooled by election tinkering of the exchange rate.
The market is fast dollar rising, preferring to use US Dollars instead of Zim Dollars because Zimbabwe is officially under hyperinflation.
Even the official blended inflation rate month-on-month inflation rate is at 74%.
This in economics classifies Zimbabwe as hyperinflation.
This is the second time it has happened in five years.
Things will only improve when there are serious structural changes in Zimbabwe’s economy and politics and not piecemeal tempering with the exchange rate.
In Nigeria, the central bank Governor was suspended for this, and the forex market was liberalized.
In Zimbabwe, the appointing authority has no appetite for doing the right thing.
As Zimbabwe’s most recent successful Finance Minister, Tendai Biti reminded us in his dramatic terminologies, Ingori Kiya-Kiya Economics!
</blockquote>
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Zimbabwe Dollar Recovers For A Second Time In A Week

The Reserve Bank of Zimbabwe’s (RBZ) official exchange rate has moved to almost ZWL$7 000 to the US dollar.
The Weighted Average Rate from the forex auction conducted on Tuesday, 20 June 2023, was ZWL$6 926.5764.
On 13 June 2023, the wholesale weighted average was US$1: ZWL$5 978.6794.
Today, the RBZ said 73 bids were received on the regular forex auction, and all the bids were accepted but only 50 bids were allotted. The total amount allotted was US$1,135,542.46.
On the wholesale auction, 12 bids were received and all the bids were accepted and all received allotments. The RBZ said the total amount allotted wasUS$10,614,000.00
The RBZ said that all bids within the pre-announced amount were allotted in full.
It said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient balances were also disqualified.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/FzEmboWaMAM6p9d?format=jpg&amp;name=900x900"/>
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Zimbabwe Dollar Official Rate - 20 June 2023

The Reserve Bank of Zimbabwe Financial Intelligence Unit (FIU) says it has frozen additional bank accounts of companies and individuals for allegedly participating in fuelling the exchange rate on the parallel market.
Speaking to <a href="https://www.sundaynews.co.zw/16-bank-accounts-frozen-in-rbz-price-blitz-overpricing-shops-penalised/">State media</a> on Saturday, FIU director-general Oliver Chiperesa said that penalties for the offenders will be issued to them this week. He said:
<blockquote>
This past week we also froze an additional six bank accounts of traders who were also violating the regulations relating to the prescribed rates that must be used by traders and penalties will be issued to them this week.
The penalties are usually in the form of fines and as we said before repeated offenders will end up being recommended for cancellation of their trading licences.
We have also frozen the accounts of 10 individuals and companies who were involved in the parallel market.
They are not necessarily traders but they are companies in various sectors as well as individuals whom we traced their transactions and found that they were participating in fuelling the exchange rate on the parallel market.
Again, we will issue them with penalties in the course of the coming week.
</blockquote>
Chiperesa claimed that the black market rate is now starting to stabilise in response to measures and policies announced by the Government over the past few weeks. He said:
<blockquote>
We have witnessed that for the first time in the last five or six weeks, the black market rate is now starting to stabilise because of the effectiveness of the policies that have been put in place which we are supporting as the FIU by making sure that those who destabilise the foreign exchange are dealt with severely in terms of the law.
</blockquote>
On Friday, the street rate was hovering around ZWL$9 000, while the official rate last week stood at US$1: ZW$5 900.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

RBZ Freezes Six More Bank Accounts For Exchange Rate Violations

President Emmerson Mnangagwa has blamed what he calls the country’s detractors for runaway inflation and the collapse of the Zimbabwe dollar against other currencies.
Addressing the 369th Ordinary Session of the Politburo in Harare on 13 August, Mnangagwa warned that those behind price hikes and the devaluation of the local currency will be prosecuted. He said:
<blockquote>
As we convene today and focus on the elections, the usual machinations and heinous acts of our country’s detractors to reverse our development agenda are glaring.
This is evidenced by their antics and asymmetrical warfare tactics, which include the attack on our currency and the wanton increase in prices of basic commodities…
They will never succeed and perpetrators are being brought to book.
</blockquote>
This week, the Zimbabwe dollar further weakened on the official exchange rate market to US$1: ZWL$5 978 from ZWL$4 868 set last week.
Traders are allowed to peg the rates at a range of plus or minus 10% which means that they can now use a high of ZW$6 575 against the US dollar.
Journalist Hopewell Chin’ono has blamed the Government for exchange rate volatility. <a href="https://twitter.com/daddyhope/status/1668879152894672897?s=20">He said</a>:
<blockquote>
You print a lot of money and pump it into the economy.
The natural happens, the local currency crashes and prices go up ending up with the highest inflation rate in the world.
You offer Government services like passports and customs duty in US Dollar terms only.
Then you blame others for your misfortunes!
</blockquote>
On Tuesday, Chin’ono said Zimbabwe is now in hyperinflation with an Inflation Rate of 1 220%. He said Zimbabwe’s inflation rate is now the highest in the world.
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Mnangagwa Blames "Country's Detractors" For Inflation, Zim Dollar Devaluation

The Reserve Bank of Zimbabwe (RBZ) has set the official exchange rate at almost ZWL$6 000 to the US dollar.
According to the results of the foreign exchange auction conducted on Tuesday, 13 June 2023, the wholesale weighted average was US$1: ZWL$5 978.6794.
On 06 June 2023, the weighted average was US$1: ZWL$3 673.7718, from US$1: ZWL$2 577.0564 on 30 May.
Today, the RBZ allotted a total of US$2,945,406.28, down from US$4,987,432.34 allotted last week, with the bulk of the allotment going to raw materials, followed by machinery and equipment.
The RBZ said that all bids within the pre-announced amount were allotted in full.
It said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient balances were also disqualified.
The RBZ added that starting the week beginning 19 June 2023, authorised dealers will submit bids for the two auctions, that is, the forex auction and the wholesale forex auction by 9 AM on Tuesdays.<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/Fyg5E20WIAQl9PI?format=jpg&amp;name=4096x4096"/>
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Zimbabwe Dollar Official Rate Now $6 000 To The US Dollar

The Zimbabwean Dollar has further lost its value this Wednesday, 07 June 2023, from ZWL$3 673.7718 to ZWL$4 868.5152 within 24 hours against the US Dollar at the Wholesale Foreign Exchange Auction announced by the Reserve Bank of Zimbabwe (RBZ).
On Tuesday, the Zimbabwe dollar fell by over $1 000 to average $3 673.7718 against the United States (US) dollar on the foreign currency auction held by the RBZ, down from US$1: ZWL$2 577.0564 on 30 May.
Below are the RBZ Wholesale Foreign Exchange Auction Results for 07 June 2023:
<blockquote>
Wholesale Foreign Exchange Auction Results – 7 June 2023
Number of Bids Received From Banks: 19
Number of Bids Disqualified: 0
Total Number of Bids Accepted: 19
Total Number of Bids Allotted: 10
Total Value of Bids Accepted Amount: USD12,993,000.00
Allotted: USD11,180,000.00
Highest Bid Rate Received: 5,020.0000 
Lowest Bid Rate Allotted : 4,500.0000
Weighted Average Rate: 4,868.5152
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/FyB3utPWcAMZHUv?format=jpg&amp;name=900x900"/>
</blockquote>

Zimbabwe Dollar Official Exchange Rate Now $4 868

The Monetary Policy Committee (MPC) has announced measures to deal with exchange rate and price volatility in the economy. Below is the statement in full:
<blockquote>
RESOLUTIONS OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 6 JUNE 2023
The Monetary Policy Committee (the MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 6 June 2023 and deliberated on macroeconomic and financial developments in the economy.
The MPC also deliberated on the progress made in the implementation of measures announced by the Honourable Minister of Finance and Economic Development on 11 May 2023 and 29 May 2023, respectively, to address the recent volatility in the exchange rate and prices of goods and services in the economy.
The MPC noted that the prevailing volatility in the exchange rate emanated from both supply and demand side factors.
The supply side factors reflected the transitory reduction in foreign currency inflows, while the demand factors reflected the sustained value-preservation demand for foreign currency in the economy.
In order to complement the measures announced by Government, the MPC resolved as follows:
Supply Side Measures
The following measures shall be implemented to address supply side foreign currency constraints:
i. With effect from 7 June 2023, the Bank shall sell foreign currency at the market-determined exchange rate through banks to support and strengthen the foreign exchange interbank market, and banks shall in turn sell the foreign currency to their customers. This measure is calculated to ensure that the interbank forex market is the primary source for foreign exchange needs in the economy and that the foreign exchange auction system shall continue to operate for meeting smaller requirements for foreign payments and for continuous price discovery. Thus, in order to ensure that the interbank forex market is self-financing the 90-day liquidation requirement on export proceeds will fall away.
ii. The current interbank maximum trading limits shall be reviewed upwards from US$100 000 to US$500 000, consistent with the current auction limits;
iii. The main and MSME auction will be merged under the US$5 million per week policy, with bid limits of a minimum of US$1 500 and a maximum of US$50 000; and
iv. The trading margins charged by banks on foreign exchange transactions will be aligned with international best practices.
Demand Side Measures
To address the demand side factors, the MPC resolved to adopt the following measures:
i. Increasing the Bank policy rate from 140% to 150% per annum, in response to the recent increase in inflation;
ii. Increasing the Medium-term Bank Accommodation (MBA) interest rate from 70% to 75% per annum; and
iii. Increasing the Statutory Reserve Requirements on local currency demand and call deposits from 10% to 15%, while maintaining savings and time deposit requirements at 5%.
The Bank remains committed to continuing with the current tight monetary policy to restore and sustain the exchange rate and inflation stability.
The issuance of gold- backed digital tokens to augment physical gold coins as a value preservation instrument has gone a long way in mopping up excess liquidity from the market.
To date, the Bank has sold to the market ZW$31.8 billion and ZW$35.2 billion worth of gold coins and gold-backed digital tokens, respectively.
The rolling out of digital tokens for transactional purposes in the second phase, which is projected to commence during the month of June 2023, will buttress the current stabilisation measures.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>
</blockquote>

FULL TEXT: Monetary Policy Committee Announces Measures To Tackle Exchange Rate Volatility

The Reserve Bank of Zimbabwe (RBZ) has no control over the ever-rising black-market exchange rate according to the central bank’s senior payment systems analyst, Howard Tundu.
Tundu made the remarks while speaking at the Consumer Education and Awareness Campaign hosted by the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) at Jerera Growth Point in Zaka, Masvingo Province. He said:
<blockquote>
As RBZ we cannot control what people do outside the official rates where they have their rates which they use for payments. We are only concerned about the Zimbabwe dollar.
</blockquote>
But Africa Economic Development Strategies executive director Gift Mugano told <a href="https://www.newsday.co.zw/local-news/article/200012491/we-cannot-control-black-market-exchange-rate-rbz">NewsDay</a> in an interview that the RBZ should be concerned about the parallel market rate. He said:
<blockquote>
The pricing regime in the market now is determined by the black-market pricing and the same black market is influenced by policy discord within the government.
The fact that the central bank controls the exchange rate on the auction system has been one of the drivers of distortions.
You can’t say you are only concerned about the official rate. They should be concerned about the black-market rate. This is a sign of accepting defeat.
</blockquote>
The Zimbabwe dollar is currently trading close to $4 000 to the US dollar on the parallel market.
This has resulted in price hikes and the shortage of some basic food items in supermarket shelves where they are sold in Zimbabwe dollars but the same goods are readily available on the informal market and being sold exclusively in US dollars.
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RBZ Cannot Control Black Market Rates, Says Official

Top economist Professor Gift Mugano says the Reserve Bank of Zimbabwe (RBZ)’s foreign currency auction system should be shut down after Finance and Economic Development Minister Mthuli Ncube announced that weekly allotments will be limited to US$5 million.
<a href="https://www.newzimbabwe.com/shut-down-auction-system-us5m-allocation-too-little-top-economist/">NewZimbabwe.com</a> reported Mugano as saying the maximum of US$5 million per week allotment is a clear indication that Zimbabwe’economy has dollarised. He said:
<blockquote>
Since Treasury didn’t budget for the payment of the 25% export retention, where is the money going to come from?
Auction allocation limited to a max of US$5m per week? That’s little? Why can’t you shut it down/.
In view of the fact that the auction system has been reduced to US$5m per week, isn’t this clear evidence that the economy has dollarised.
</blockquote>
Early this week, Ncube announced new measures to stabilise the economy and the Zimbabwe dollar.
Among other things, Ncube said Government agencies will “substantially” collect fees in Zimbabwe dollars and all customs duties are now payable in local currency except designated “luxury goods”.
Ncube also ordered the liquidation of export proceeds earned from exports, a move that Mugano believes will likely promote arbitrage. Said Mugano:
<blockquote>
Promising to liquidate foreign currency retained by exporters after 90 days is going to encourage reckless or wasteful spending.
</blockquote>
Mugano argued that the Government was inconsistent by saying on the one hand Treasury wants to promote ZWL but on another is saying duty on fuel will be strictly USD.
He, however, commended some of the economic stabilisation measures, particularly timely payments on the auction system and efforts to promote the use of ZWL. Said Mugano:
<blockquote>
Good policy measures announced today eg reducing IMMT, implementing the real Dutch auction system (timely payment, notification of funds available in advance and selecting the highest bidder), and promoting the use of ZWL.
</blockquote>
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Economist Gift Mugano Says Forex Auction System Should Be Shut Down

The Constitutional Court (ConCourt) has set aside a landmark ruling by High Court judge Justice Joseph Mafusire on the conversion of US dollars to Real Time Gross Settlement (RTGS) during the 2019 currency reforms.
The seven-member ConCourt bench said it would avail the reasons for its decision later, reported <a href="https://www.newsday.co.zw/local-news/article/200012287/concourt-sets-aside-rtgsus-high-court-ruling">NewsDay</a>.
In a ruling delivered on 15 February 2023, High Court judge Justice Joseph Mafusire said that laws used to convert US dollar balances into Zimbabwean dollars were unconstitutional to the extent that they violated property rights.
Justice Mafusire ordered CABS to pay US$142 000 to the applicants that it had converted to RTGS during currency reforms in 2019.
The applicants were Richard Harold Stuart Beattie and Penelope Douglas Stone and were represented by Tererai Mafukidze instructed by Tendai Biti.
The respondents were CABS represented by Thembinkosi Magwaliba, the Reserve Bank of Zimbabwe represented by Lewis Uriri and Finance and Economic Minister Mthuli Ncube represented by D Jaricha from the Attorney-General’s Office. Ruled Justice Mafusire:
<blockquote>
The conversion of the amount of US$142 000 standing to the credit of the applicants savings account No 1005428905 with the first respondent (CABS) as at November 28, 2016 violated section 71 of the Constitution.
</blockquote>
Justice Mafusire ruled that CABS should pay the applicants the sum of US$142 000 together with interest of 5% per annum from November 28 2016 to the date of payment.
The ConCourt bench has now set aside all the orders given by Justice Mafusire in his ruling.
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Constitutional Court Sets Aside High Court Ruling On Conversion Of US Dollar Balances To RTGS

Captains of the industry say authorities should overhaul the foreign currency auction system to eradicate arbitrage opportunities that some firms and individuals are using to accumulate cheap US dollars.
This comes after Finance and Economic Development Minister Mthuli Ncube said the foreign currency auction platform will be fine-tuned to close the gap between the official exchange rate and the parallel market exchange rate.
Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza told <a href="https://businesstimes.co.zw/business-wants-overhaul-of-forex-auction-system/">Business Times</a> that the forex auction system should be overhauled to represent the true Dutch system, which promotes competition among bidders. Said Matsheza:
<blockquote>
There is a need to do a total fine-tuning of the forex auction system to represent the true characteristics of a Dutch auction system.
As we can see, the authorities have done some piecemeal adjustments to the platform but it is still a long way to go to become the real auction platform.
By doing these small changes, we still have a lot of arbitrage opportunities that some firms and individuals are capitalising on to make money.
An improved auction system is a better platform than an interbank where some people just sit down to decide the exchange rate.
This may be the reason why the official rate is 50% lower than the official rate.
</blockquote>
Zimbabwe now has three forex markets namely the auction, interbank and parallel market.
Economist Gift Mugano recently said the forex markets can only converge if authorities follow the real Dutch auction system. Said Mugano:
<blockquote>
They will only converge if they follow the real Dutch auction system where you take the highest bidder price as the benchmark for the auction rather than taking the average price as done by the RBZ.
They must notify people in advance because one can’t bid in the darkness and only if they follow the rules of the real Dutch auction system will they someday converge.
You will see all the exchange rates moving in different directions. The parallel market rate will be ahead followed by other exchange rates.
The major reason the interbank can’t converge also is that there are some controls that are still there.
There are some limits to how much one can trade whereas there is no limit on the parallel market rate
</blockquote>
The Zimbabwe dollar was this week trading at ZWL$1888.80:US$1 at the auction system and above ZWL$3000: US$1 on the black market.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Industry Wants Fine-tuning Of Forex Auction System

The Zimbabwe dollar has lost significant value against the United States dollar on the foreign currency auction held by the <a href="https://wiki.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ). </a>
On 09 May 2023, the weighted average was US$1: ZWL$1,212.5.8  up from US$1: ZWL$1,070 reported on 02 May 2023.
The central bank allotted a total of US$16,349 930.31 down from US$19,053,366.38, with the majority of the allotment going to raw materials, followed by machinery and equipment.
The amount allotted for the Small to Medium Enterprises Forex Auction was US$1,576,700.13 down from US$2,280,785.72, while the Main Forex Auction was allotted US$14,773,230.18 down from US$16,772,580.66.
<blockquote>
♦ Weighted Average Rate moved to 1,212.5.8 up from 1,070.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
<ul>
<li>Raw Materials ………………………. (SME) US$392,11.03 7,17,37.67; (MAIN) US$7,017,237.67</li>
<li>Machinery and Equipment …………. (SME) US$590,158.96; (MAIN) US$3,047,072.03</li>
<li>Consumables (Incl. Spares, Tyres, Electricals, etc) – (SME) US$200,611.76; (MAIN) US$963,868.44</li>
<li>Services (Loans, Education, Dividends, Disinvestments, etc) – (SME) US$170,312.82; (MAIN) US$854,682.24</li>
<li>Retail and Distribution (Incl. Food, Beverages, etc) – (SME) US$111,545.24; (MAIN) US$1,390,864.07</li>
<li>Lubricants …………………………. (MAIN) US$50,000,00</li>
<li>Pharmaceuticals and Chemicals … (SME) US$57,666.08; (MAIN) US$407,331.35</li>
<li>Paper and Packaging ……………… (SME) US$53,894.24; (MAIN) US$1,042,174.38</li>
<li>TOTAL amount alloted to SMEFX134/2023  … US$1,576,700.13</li>
<li>TOTAL amount alloted to MAIN FX140/2023) … US$14,773,230.18</li>
<li>GRAND TOTAL AWARDED ……. US$16,349 930.31</li>
</ul>
Notes
<ol>
<li>Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.</li>
<li>Some Bids were allotted on a pro-rata basis.</li>
</ol>
</blockquote>
<h2><a href="https://news.pindula.co.zw/">More Pindula News</a></h2>
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RBZ Forex Auction: Zimbabwe Dollar Official Rate 09 May 2023

Some retailers are reportedly refusing payment in the local currency or limiting the number of items people can buy in Zimbabwe dollars, which they say has become very unstable.
The Zimbabwe dollar was reintroduced in 2019 after a decade of the multicurrency system but it has been depreciating alarmingly.
On the parallel market, the Zim dollar is trading between $2 100 and $2 200 to the greenback, and US$1 036 on the official market.
Some retailers in Harare are reportedly limiting the number of items one can buy using Zimdollars.
The products include cooking oil, meat, mealie-meal, rice and beverages. Some shops are selling the products exclusively in US dollars.
An official at one of the country’s leading meat suppliers who spoke to <a href="https://www.newsday.co.zw/local-news/article/200010769/alarm-as-businesses-ditch-zimdollar">NewsDay</a> on Thursday on condition of anonymity said:
<blockquote>
There are some businesses trying to take advantage of the fact that we are selling in local currency to come to dump their Zimdollar stock and then sell the meat or merchandise they buy from us in US dollars.
This has become prevalent, so to dissuade this practice we are limiting stocks on certain products.
</blockquote>
Finance and Economic Development Deputy Minister Clemence Chiduwa told NewsDay that the Financial Intelligence Unit (FIU) was monitoring developments in the retail sector. He said:
<blockquote>
We are getting reports that some supermarkets are demanding payment for certain products exclusively in US dollars.
The Bank Use and Promotion Act applies the same way as trading in the parallel market.
This is illegal and all operators are urged to abide by the laws. We are closely monitoring the market delinquency and deviance which is a violation of the law.
The FIU is taking appropriate action against those who are exclusively accepting USD on certain products.
The continued depreciation of the Zimdollar is due to inflationary expectations mainly driven by parallel market rates.
The resultant instability due to chasing rates is negatively affecting all of us.
Market players should focus on production and the generation of forex.
</blockquote>
Meanwhile, Delta Beverages spokesperson Patricia Murambinda, told NewsDay the company was not responsible for the actions by retailers in charging its products exclusively in US dollars.
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Some Businesses Reject Zimbabwe Dollar

The Zimbabwe dollar has for the first time breached the 1 000 mark against US$1.00  on the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ) </a>foreign currency auction.
This Wednesday, 19 April 2023, the weighted average moved to US$1: ZWL$1 000.0227, from US$1: ZWL$959.3111 which was set on 11 April 2023.
The RBZ said the highest rate received was 1 125.0000, while the lowest bid rate allotted was 978 000.
The central bank also said a total of US$18,905,097.94 was allotted today down from US$20,568,055.34, which was allotted last week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction was US$1,731,764.97 down from US$US$2,241,706.95.
The total amount allotted on the Main Forex Auction was US$17,173,332.97 down from US$18,326,348.39.
<blockquote>
♦ Weighted Average Rate moved to 1 000.0227 from 959.3111.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials……………………………………(SME) US$616,821.49 (MA)US$9,101,791.90
Machinery and Equipment……………………..…(SME)US$537,029.59  … (MA)US$3,439,887.52
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$213,005.13 … (MA) US$1,077,195.49
Services (Loans, Education, Dividends, Disinvestments…) (SME) US$115,342.95  … (MA) US$1,033,601.13
Retail and Distribution (Incl. Food, Beverages, etc)…(SME) US$168,605.61 … (MA) US$1,183,168.54
Lubricants ………………………………………………. (SME) US$50,000.00
Pharmaceuticals and Chemicals …………….… (SME) US$54,055.63  … (MA) US$517,726.37
Paper and Packaging …………………………… (SME) US$26,904.57 …. (MA) US$769,962.02
<blockquote>
TOTAL Amount allotted for the SMEFX124/2023 ………..US$1,731,764.97
TOTAL Amount allotted for the MAIN FX130/2023 ………US$17,173,332.97
GRAND TOTAL AWARDED ………………………… US$18,905,097.94
</blockquote>
<h2>Notes</h2>
<blockquote>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
</blockquote>
</blockquote>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Official Rate Crosses $1 000 Mark

The Zimbabwe dollar this week remained below the 1 000 mark against US$1.00  on the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> foreign currency auction despite reaching at least 1 500 on the parallel market in recent days.
This Tuesday, 11 April 2023, the weighted average moved to US$1: ZWL$959.3111, up from US$1: US$1: ZWL$944.7133 which was set on 04 April 2023.
The RBZ said the highest rate received was 1 100.0000, while the lowest bid rate allotted was 950 000.
The central bank also said a total of US$20,568,055.34 was allotted today down from US$20,969,947.45, which was allotted last week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction was US$2,241,706.95 down from US$2,379,980.25.
The total amount allotted on the Main Forex Auction was US$18,326,348.39 down from US$18,589,967.20.
<blockquote>
♦ Weighted Average Rate moved to 959.3111 from 944.7133.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials……………………………………(SME) US$780,117.95  (MA) US$10,145,544.10
Machinery and Equipment……………………..…(SME)US$680,281.10  … (MA)US$3,111,160.89
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$303,176.35 … (MA) US$1,082,756.22
Services (Loans, Education, Dividends, Disinvestments…) (SME) US$130,751.42  … (MA) US$1,157,856.91
Retail and Distribution (Incl. Food, Beverages, etc)…(SME) US$231,773.24 … (MA) US$1,603,231.85
Lubricants ………………………………………………. (SME) US$40,000.00
Pharmaceuticals and Chemicals …………….… (SME) US$92,954.56  … (MA) US$480,479.95
Paper and Packaging …………………………… (SME) US$22,652.33 …. (MA) US$705,318.47
TOTAL Amount allotted for the SMEFX124/2023 ………..US$2,241,706.95
TOTAL Amount allotted for the MAIN FX130/2023 ………US$18,326,348.39
GRAND TOTAL AWARDED ………………………… US$20,568,055.34
</blockquote>
<h2>Notes</h2>
<blockquote>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
</blockquote>

Zimbabwe Dollar Official Rate As Of 11 April 2023

The <a href="https://www.pindula.co.zw/Zimbabwe_Revenue_Authority">Zimbabwe Revenue Authority (ZIMRA)</a> has announced the exchange rates for the purposes of income tax in 2023. 
In a notice seen by Pindula News, ZIMRA said the exchange rates for income tax for the second to the fourth quarter of 2023 will be announced in due course. Read the notice:
<blockquote>
<h2>2023 EXCHANGE RATES FOR INCOME TAX PURPOSES</h2>
Section 37AA of the Income Tax Act [Chapter 23:06] requires taxpayers to submit separate returns where any part of income from trade or investment is earned in foreign currency.
The mentioned section indicates that for the purposes of conversion of allowable deductions exchange rates be used as follows —
(a) in the case of a person making Quarterly payments of Provisional Tax, of use the average auction rate of exchange during the quarter concerned;
For the First Quarter 2023, the average exchange rate is as follows:
<h2>AVERAGE AUCTION RATE OF EXCHANGE DURING THE QUARTER </h2>
QI 2023……………….. 808.709 
Q2 2023 ……………….. TBA 
Q3 2023……………….. TBA 
Q4 2023 ……………….. TBA
</blockquote>
ZIMRA could not give exchange rates for the second to the fourth quarter since the Zimbabwean dollar has had a history of instability since the early 2000s. 
The government tried to stabilize the economy with currency reforms, but they were not successful. In 2009, Zimbabwe officially abandoned its currency and switched to using foreign currencies. 
The government reintroduced the Zimbabwean dollar in 2019 but it is facing similar problems due to economic challenges and inflation. Many people and businesses prefer using foreign currencies or other forms of exchange.
<h2>Income Tax in Zimbabwe:</h2>
Income tax in Zimbabwe is a tax levied on individuals and companies by the Zimbabwe Revenue Authority. Individuals are taxed on a sliding scale based on their income, while companies are taxed at a flat rate of 24%. It’s always advisable to consult with a tax professional for up-to-date information on Zimbabwe’s tax laws.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

ZIMRA Announces 2023 Exchange Rates For Income Tax Purposes

The Zimbabwe dollar this week depreciated by less than ZWL$3.00 against the United States dollar on the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> foreign currency auction.
This Tuesday, 21 March 2023, the weighted average moved to US$1: ZWL$915.1822, from US$1: US$1: ZWL$912.5828 which was set on 14 March 2023.
The central bank said a total of US$18,719,881.96 was allotted today down from US$19,819,940.12, which was allotted last week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction was US$1,950,094.82 down from US$2,530,187.62.
The total amount allotted on the Main Forex Auction was US$16,769,787.14 down from US$17,289,752.50.
<blockquote>
♦ Weighted Average Rate 915.1822 from 912.5828.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials……………………………………(SME) US$572,024.56  (MA) US$7,324,594.15
Machinery and Equipment……………………..…(SME)US4578,298.43  … (MA)US$3,187,757.32
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME)US$301,083.28 … (MA)US41,338,761.04
Services (Loans, Education, Dividends, Disinvestments…) (SME)US$148,676.81  … (MA)US41,468,144.95
Retail and Distribution (Incl. Food, Beverages, etc)…(SME)US$252,715.86 … (MA)US$2,164,656.62
Electricity ………………………………………………. (SME) US$9,936.75
Pharmaceuticals and Chemicals …………….… (SME)US$64,907.54  … (MA)US$683,282.50
Paper and Packaging …………………………… (SME)US$22,451.59 ….(MA)US$602,590.56
TOTAL Amount allotted for the SMEFX124/2023 ………..US$1,950,094.82
TOTAL Amount allotted for the MAIN FX130/2023 ………US$16,769,787.14
GRAND TOTAL AWARDED ………………………… US$18,719,881.96
</blockquote>
<h2>Notes</h2>
<blockquote>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
</blockquote>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Official Rate As Of 21 March 2023

The Zimbabwe dollar this week shed only $4.66 to average $912.5828 against the United States dollar on the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> foreign currency auction.
This Tuesday, 14 March 2023, the weighted average moved to US$1: ZWL$912.5828, from US$1: ZWL$$907.9236 that was set on 07 March 2023.
The central bank said a total of US$19,819,940.12 was allotted today up from US$18,079,094.38, which was allotted last week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction was US$2,530,187.62 up from US$2,144,924.87.
The total amount allotted on the Main Forex Auction was US$17,289,752.50 up from US$15,934,169.51.
<blockquote>
♦ Weighted Average Rate 912.5828 from 907.9236.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials……………………………………(SME) US$ 742,403.42  (MA) US$9,572,202.10
Machinery and Equipment……………………..…(SME) US$730,643.76  … (MA)US$2,429,410.70
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$407,072.60 … (MA)US$1,091,171.52
Services (Loans, Education, Dividends, Disinvestments…) (SME)US$206,857.61  … (MA) US$1,101,088.97
Retail and Distribution (Incl. Food, Beverages, etc)…(SME)US$291,079.27 … (MA)US$1,800,702.01
Electricity ………………………………………………. (MA) US$30,000.00
Pharmaceuticals and Chemicals …………….… (SME)US$99,076.09  … (MA)US$418,023.70
Paper and Packaging …………………………… (SME)US$53,054.87 ….(MA)US$847,153.50
TOTAL Amount allotted for the SMEFX124/2023 ………..US$2,530,187.62
TOTAL Amount allotted for the MAIN FX130/2023 ………US$17,289,752.50
GRAND TOTAL AWARDED ………………………… US$19,819,940.12
</blockquote>
<h2>Notes</h2>
<blockquote>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
</blockquote>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Official Rate As Of 14 March 2023

The Zimbabwe dollar has breached the $900 mark against the US dollar on the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> foreign currency auction.
This Tuesday, 07 March 2023, the weighted average moved to US$1: ZWL$907.9236, from US$1: ZWL$892.6349 that was set on 28 February 2023.
The central bank said a total of US$18,079,094.38 was allotted today up from US$17,562,464.59, which was allotted last week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction was US$2,144,924.87 down from US$2,165,675.36.
The total amount allotted on the Main Forex Auction was US$15,934,169.51 up from US$15,396,789.59.
<blockquote>
♦ Weighted Average Rate 907.9236 from 892.6349.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials……………………………………(SME) US$ 603,795.73  (MA) US$7,959,704.89
Machinery and Equipment……………………..…(SME) US$630,601.33  … (MA)US$3,262,466.97
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$230,563.99 … (MA)US$966,846.51
Services (Loans, Education, Dividends, Disinvestments…) (SME)US$208,993.30  … (MA) US$1,306,547.18
Retail and Distribution (Incl. Food, Beverages, etc)…(SME)US$347,457.00 … (MA)US$1,182,639.25
Electricity ………………………………………………. (SME) US$3,409.13
Pharmaceuticals and Chemicals …………….… (SME)US$84,198.09  … (MA)US$410,374.94
Paper and Packaging …………………………… (SME)US$35,906.30 ….(MA)US$845,589.77
TOTAL Amount allotted for the SMEFX124/2023 ………..US$2,144,924.87
TOTAL Amount allotted for the MAIN FX130/2023 ………US$15,934,169.51
GRAND TOTAL AWARDED ………………………… US$18,079,094.38
</blockquote>
<h2>Notes</h2>
<blockquote>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
</blockquote>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Breaches $900 Mark: Official Rate As Of 07 March 2023

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